SURREY BUSINESS NEWS: Surrey Labour Market’s Economic Recovery Driven by Knowledge-Based and Resource Industries

The Surrey Board of Trade has released the September 2021 Surrey Labour Market Intelligence Report today.

“In August 2021, Surrey’s economic recovery from the COVID-19 pandemic continues to be driven by a two-pronged strength: knowledge-based industries and resource industries,” said Anita Huberman, President & CEO, Surrey Board of Trade. “Many other goods and services sectors in Surrey remain impacted and below February 2020 employment levels.”

Healthcare, technology, public administration, and resource sectors – collectively agriculture, fishing, forestry, mining and oil and gas, lead Surrey’s recovery. Many British Columbians do not realize the extent to which non-agricultural resource companies are prevalent in Surrey.

On the other hand, the construction sector in Surrey continues to lag recovery; and of course, the high-touch, large-group accommodation & food services, retail/wholesale and arts & culture jobs remain below pre-pandemic levels.

Based on these sectoral trends in Surrey, business, finance & administration, health, natural resource, and science-related positions have recovered the most. Sales and service jobs, and trades and transport ones – the latter due to construction impacts and a slow manufacturing recovery – remain the most negatively impacted positions in Surrey.

The sectors most impacted and still not fully recovered in Surrey are estimated to be:

·       Construction, still down almost 7,000 jobs or -21.3%;

·       Educational services (private and public), down over 3,100 jobs or -19%;

·       Accommodation and food services, lower than pre-pandemic levels by almost 1,500 jobs or -7.7%;

·       Retail & wholesale trade, still over 1,000 jobs lower or -2.1%.

The sectors showing the greatest recovery since February 2020 in Surrey are estimated to be:

·       Health care & social assistance is up almost by 6,000 jobs or +17.3%;

·       Business, building & other support has recovered by over 3,500 jobs or +24.1%;

·       Professional, scientific & technical businesses in Surrey are up by almost 3,300 jobs or +16.8%;

·       Public administration employment is up over 2,800 jobs or +30.4% in Surrey;

·       The sector with the largest percentage recovery in Surrey is resources with a gain of almost 1,100 or +36.3% since February 2020.